Ideas for starting up your business

Skills are probably the most crucial element to consider as business success will depend on the skills you have to either sell your product or deliver your service. As some simple examples, you wouldn’t start a law firm if you don’t have legal training, and you wouldn’t start working as a taxi driver if you don’t have a driving licence. Transferable skills are also important. You can use skills gained in a specific sector you have been employed in to set up your own business. Someone who has worked in a nursery, for example, could easily become a self-employed childminder. To start a business, you need to know a lot about the practical side of the business, the operational and management skills can be acquired over time.  

Finance is another major factor when it comes to starting and operating your business. If you are looking to launch a business, you will likely encounter not just initial start-up costs but also ongoing running costs, so it is sensible to consider this in detail prior to making decisions. For example, if you are looking to start a food delivery business, you could try operating from home first to gauge how successful it will be prior to making a financial commitment to buying/leasing commercial premises. If you are successful piloting your business in this way, and you are making a profit, you can then decide whether moving to commercial premises will add value.  

In terms of funding, some entrepreneurs can self-fund their start-up initially, while others receive financial support from friends and family or a general business loan. For start-up businesses at a more advanced stage, things like crowdfunding, angel investment, equity investment and debt financing could also be beneficial.  

UMi can talk you through the various access to finance options for your business. Please contact a UMi Business Adviser on 0330 124 7305.

Market research should form a big part of your business plan.  

Key things to consider include:  

• Location – where do you need to locate your business to be successful and will you trade locally, nationally or internationally? 
• Target audience – who is your target customer base? 
• Competitors – who are your competitors and how do you differentiate yourself from them? 
• Cost model – how will you make money and what will dictate the pricing of your goods and services? 

You can get started with our free Business Plan template here. 

If you aren’t tied to a particular idea or have a particular skillset that you want to deploy in your business, consider upskilling to launch a product or service that is always in demand.  

Things such as catering services, teaching, hair and beauty, retail and wholesale, and funeral services will always have a market as they supply essential products and services.  

Many businesses don’t have any major overheads and don’t require thousands of pounds of investment.  

Some of these business types include: 

• Mobile hair or beauty  
• Domestic cleaning business  
• Gardening business  
• Dog walking  
• eBay/Amazon business  
• Personal trainer  
• Events planner 

If you have some basic equipment, ability and skills, you can set up certain types of businesses one day and be trading the next.  

Some examples include:  

Photographer   

Why not try and turn a hobby into a business? If you are already taking photos and have the equipment, will someone pay you to take some pictures for them?  
  
Consultant   

If you are experienced and knowledgeable in your field, then there’s a huge chance there are customers out there you could provide advice to on a part or full-time basis.  
  
Personal shopper  

Here is a market for people who keep up with the latest fashion trends and have the ability to pick out items for others and style them to look their best.  

Make and sell 

If you are a creative person with a passion for making and creating things, you could be using ecommerce stores and social media marketplaces to sell the fruits of your labours online.  

Businesses that generate strong returns initially typically require specialist skills or large investment in premises. However, this is not always the case and if you know that your business will be profitable right away, then return on investment (ROI) is all but guaranteed.   

Some examples include:  

Accounting/Bookkeeping   
Accounting is one of the most profitable services to provide with more than 6m businesses using an accountant in the UK.   

Commercial and Personal storage   
Customers can pay up to £100 per 50sq ft on average per month for commercial and personal storage space.  
 
Car Cleaning/Valeting   
Starting a car cleaning service has minimal start-up costs, is easy to market through social media and can work from a variety of locations.

House cleaning/ironing services  
With more and more people leading busier lives, many are open to paying for cleaning and ironing services to free up more spare time for themselves.